I had an issue with watermarks being present in the generated PDF despite the license validation passing. In the trace log, I was seeing this:

x.x.x.x.exe Information: 0 : *** ReportProcessor.ProcessReport STARTED ***
x.x.x.x.exe Information: 0 : SQLite x64: v3.50.4
x.x.x.x.exe Information: 0 : 
x.x.x.x.exe Information: 0 : *** ProcessReport #0 "Invoice" STARTED ***
x.x.x.x.exe Information: 0 : *** ProcessReport #0 "Invoice" DONE in 00:00:00.6363067 ***
x.x.x.x.exe Information: 0 : 
x.x.x.x.exe Information: 0 : *** ReportProcessor.ProcessReport DONE in 00:00:00.7891276 ***
x.x.x.x.exe Information: 0 : 
x.x.x.x.exe Information: 0 : License check for assembly Telerik.Reporting, Version=19.3.25.1119, Culture=neutral, PublicKeyToken=a9d7983dfcc261be: True
x.x.x.x.exe Information: 0 : 
x.x.x.x.exe Information: 0 : *** Render Report #0 "Invoice" STARTED ***
x.x.x.x.exe Information: 0 : ReportName: Invoice; DocumentName: Invoice; Extension: PDF
x.x.x.x.exe Information: 0 : DeviceInfo Contents
x.x.x.x.exe Information: 0 : ===================
x.x.x.x.exe Information: 0 : ChangingPermissionType: ""
x.x.x.x.exe Information: 0 : ComplianceLevel: "None"
x.x.x.x.exe Information: 0 : CopyingPermissionType: ""
x.x.x.x.exe Information: 0 : DocumentAuthor: ""
x.x.x.x.exe Information: 0 : DocumentCreator: ""
x.x.x.x.exe Information: 0 : DocumentKeywords: ""
x.x.x.x.exe Information: 0 : DocumentNaturalLanguage: ""
x.x.x.x.exe Information: 0 : DocumentProducer: ""
x.x.x.x.exe Information: 0 : DocumentSubject: ""
x.x.x.x.exe Information: 0 : DocumentTitle: ""
x.x.x.x.exe Information: 0 : EnableAccessibility: "False"
x.x.x.x.exe Information: 0 : EndPage: "0"
x.x.x.x.exe Information: 0 : FontEmbedding: "None"
x.x.x.x.exe Information: 0 : ForceLicenseWatermark: "True"

The issue turned out to be due to caching, but the output puzzled me while I was debugging this. Turned out `ForceLicenseWatermark` is always true (the misleading part), but only has an effect when the license validation fails.